First Home Owners Grant - Queensland

First time buyer help in Queensland

Unfortunately, Queensland first time buyer assistance is not as strong as it is in other states and territories, however if you are buying or building your first home in Queensland, you may also be eligible for reductions of some state based taxes in addition to the Federal First Home Owners Grant. Both the First Home Owner Grant and the Queensland exemptions are administered by the Office of State Revenue and Mates Rates will manage these applications together with your mortgage application, keeping your experience simple and stress free.

General background on the Queensland offering includes:

Home buyers receive transfer duty concessions to minimise the cost of acquiring a home. Transfer duty concessions are available for home buyers, first home buyers and, buyers of first home vacant land.

For the home concession, buyers pay a lower rate of duty on the first $320,000 of the dutiable value of the home and residential land. The lower rate of duty on the first $320,000 is $1 per $100 or part of $100.

An additional duty concession is available for first home buyers if the residential land is less than $500,000 in value.

When you enter into a mortgage over property in Queensland, you are required to pay mortgage duty.

Mortgage duty is payable at 0.4% of the total amount secured by the mortgage. From 1 January 2008, the rate will reduce to 0.2%, and from 1 January 2009 mortgage duty will be abolished in full.

 

This is not a precise summary of incentives provided under the scheme. You can find out more about your own individual entitlements by arranging to talk to a broker for free or by reading further on the external links provided below.

Related Links

• The Federal First Home Owners Grant Scheme

External links:

• FHOG Online
• Office of State Revenue (administrators of FHOG in Queensland)

This information was obtained from the Queensland State Revenue Office on 16th June 2008.